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Published on 26/11/2019 11:47:34 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 26/11/2019 By Enrich Commodities

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Aluminium

Technical Outlook

Aluminium Dec daily chart has formed "Falling channel" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the current price action, once the same breaks below a key support holding at 130.50. The downside rally could be testing all the way through 129-128 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 134.50 level. Key resistance holds at 134.50.

Technical Chart

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Copper

Technical Outlook

Copper Dec daily chart has formed "Rectangle chart" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 432. The downside rally could be testing all the way through 428-425 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 440 and above level. Key resistance holds at 440.

Technical Chart

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Lead

Technical Outlook

Lead Dec Daily chart has formed “Rising wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 152. The downside rally could be testing all the way up to 150-149 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 156 level. Key resistance holds at 156

Technical Chart

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Natural Gas

Technical Outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support holding at 180. The downside rally could be testing all the way through 176-172 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 190 level. Key resistance holds at 190.

Technical Chart

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Nickel

Technical Outlook

Nickel Dec daily Chart has formed "Descending broadening wedge" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 1052. The downside rally could be testing all the way through 1040-1028 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 1090 level. Key resistance holds at 1090.

Technical Chart

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Silver

Technical Outlook

MCX Silver Dec futures technical chart has taken the formation of "Symmetrical triangle" pattern in daily time frame. Last few sessions ended up in sideways in trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 44000. The negative rally could be extending all the way up to 43650-43300 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 44700 level. Key resistance holds at 44700.

Technical Chart

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Zinc

Technical Outlook

Zinc Nov daily chart has formed “Rising wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 185. The downside rally could be testing all the way through 184-182 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 191 level. Key resistance holds at 191.

Technical Chart

To Read Complete Report & Disclaimer Click Here

 

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